Do you have two homes in different states? Determining the state to which you pay income taxes can be quite complex. States are becoming more aggressive in determining who should be filing a state income tax return in their state….
The Qualified Business Income (QBI) deduction was part of the Tax Cuts and Jobs Act and is the net income generated by any qualified trade or business under Internal Revenue Code (IRC) §162.
It was unclear if rental real estate would be treated as a trade or business solely for the purpose of claiming the QBI. Typically, rental properties are treated as passive activities ….
Knowing your worker status is critical because it determines who is responsible to withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax on wages. People are often surprised to receive a 1099-MISC income form at the end of the year, soon accompanied by a large tax bill when your return is filed. Moreover, if you were not paying estimated taxes during the year, you may incur an estimated tax penalty….
The IRS reported a spring surge of evolving phishing emails and telephone scams with two new variations of tax-related scams. The first scam threatens to suspend or cancel the victim's Social Security number related to a tax issue. The second scam involves a fake tax agency and the mailing of a letter….